StoneCastle Financial Corp. Reports Third Quarter 2017 Results

Published 4:10 PM ET Thu, 9 Nov 2017
Globe Newswire

SHARES

NEW YORK, Nov. 09, 2017 (GLOBE NEWSWIRE) -- StoneCastle Financial Corp. (Nasdaq:BANX) (“StoneCastle Financial” or the “Company”), an investment company registered with the Securities and Exchange Commission (“SEC”), today announced results for the third fiscal quarter ended September 30, 2017.

The estimated annualized yield generated by the invested portfolio as of September 30, 2017 (excluding cash and cash equivalents) was approximately, 9.06% up from 8.96%, year over year.

Third Quarter 2017 Financial Results

Net investment income was $2,601,835 or $0.40 per share, comprised of $4,359,828 in gross income and $1,757,993 of expenses. Realized capital losses were ($147,236).

Net Assets at quarter end were $141,078,696, up from $140,419,836 in the previous quarter. The Company’s Net Asset Value was $21.56 per share, up $0.09 from the prior quarter. The value of the invested portfolio increased $630,018.

In the third quarter, the Company paid a cash distribution of $0.38 per share, up $0.01 from the prior quarter. The distribution was paid on September 28, 2017 to shareholders of record at the close of business on September 21, 2017.

The Company had $36.5 million outstanding on its $62.0 million credit facility at the quarter end, which represents approximately 20.4% of total assets. According to regulated investment company rules, the Company may borrow only up to 33.3% of its total assets.

Portfolio and Investment Summary

As of the close of business on September 30, 2017, the Company had total assets of $178,703,715 consisting of total investments of $174,745,784, cash of $248,128 and other assets of $3,709,803. Other assets include interest and dividends receivable of $2,600,690 and prepaid assets of $1,109,113.

During the quarter, the Company received one call and six pay-downs for a total of $13,074,627.

Quarterly Conference Call

StoneCastle Financial will host a webcast and conference call on November 9, 2017 at 5:00 pm Eastern time.

The conference call can be accessed by dialing 1-877-407-9039 for domestic callers or 1-201-689-8470 for international callers. Participants may also access the call via live webcast by visiting StoneCastle Financial's investor relations website at www.stonecastle-financial.com. To listen to a live broadcast, go to the website at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay will be available shortly after the call and be available through midnight (Eastern Time) on November 23, 2017. The replay can be accessed by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for the replay is 13671317. The archive of the webcast will be available on the Company's website for a limited time.

About StoneCastle Financial Corp.

StoneCastle Financial is an SEC registered non-diversified, closed-end management investment company listed on the NASDAQ Global Select Market under the symbol "BANX." StoneCastle Financial intends to make long-term, passive, non-control investments in community banks seeking capital for organic growth, acquisitions, share repurchases and other refinancing activities. Its investment objective is to provide current income and, to a lesser extent, capital appreciation. StoneCastle Financial is managed by StoneCastle Asset Management LLC.

The Annual Report, Semi-Annual Report and other regulatory filings of the Company with the SEC are accessible on the SEC's website at www.sec.gov and on the Company's website at www.stonecastle-financial.com,and may discuss these or other factors that affect the Company.